Market Organisation

GERARD WEISBUCH
(1)Laboratoire de Physique Statistique
de l'Ecole Normale Supérieure
24 rue Lhomond, F 75231 Paris Cedex 5, France.
email:weisbuch@physique.ens.fr

(2) ALAN KIRMAN
GREQAM EHESS et Université d'Aix-Marseille III
13002 Marseille, France

and (3) DOROTHEA HERREINER
Economic Theory III
University of Bonn
Adenauerallee 24 - 26
53113 Bonn, Germany

Keywords: market organisation, reinforcement learning, customer fidelity, perishable goods.

This html manuscript is a short version of a working paper of Santa Fe series 95-11-102.

• Introduction
• The simplest Model
  • Prices and quantities
  • Preference coefficients, learning and choice probabilities
• Mean Field Approach
  • The order/disorder transition
  • Hysteresis
• Results
  • Indicators of order
  • The simplest model
    • Disorganized behavior
    • Organized behavior
  • Beyond the mean field approximation
• More complicated models and results
  • Morning and afternoon
  • Quantities brought by the seller
  • Price fluctuations
• Empirical Evidence
• Conclusions
• References
• About this document ...